CERTIFIED VALUATION
ANALYST CVA PRACTICE
EXAM 2026 COMPLETE
Question 1: A valuation is being prepared for a hypothetical transaction between a willing buyer and willing seller, neither under compulsion and both reasonably informed. Which standard of value is most directly described?
Choices:
1) Strategic value 2) Fair market value 3) Investment value 4) Intrinsic value
Correct Answer: Fair market value
Explanation: Fair market value is based on a hypothetical exchange between willing, informed parties acting without compulsion.Page 1
Question 2: A buyer expects unique distribution synergies that no typical market participant could realize. Which standard of value best captures the buyer-speci�c economics?
Choices:
1) Liquidation value 2) Fair market value 3) Investment value 4) Book value
Correct Answer: Investment value
Explanation: Investment value re�ects value to a particular owner or prospective owner, including buyer-speci�c advantages.Question 3: A company is expected to continue operating inde�nitely with its assets used together to produce earnings. Which premise of value is most appropriate?
Choices:
1) Orderly liquidation 2) Forced liquidation 3) Going concern 4) Assemblage of assets without operations
Correct Answer: Going concern
Explanation: Going-concern value assumes the business continues operating and its assets remain employed as an operating enterprise.Page 2
Question 4: A distressed lender expects assets to be sold immediately with minimal marketing time. Which premise most closely �ts?
Choices:
1) Orderly liquidation 2) Forced liquidation 3) Going concern 4) Investment value
Correct Answer: Forced liquidation
Explanation: Forced liquidation assumes a compelled sale with limited exposure time, unlike orderly liquidation.
Question 5: Why is the valuation date critical in a business valuation?
Choices:
1) It eliminates the need for forecasts 2) It determines the report format only 3) It guarantees the same value for all purposes 4) It �xes the economic and company-speci�c information that should be considered Correct Answer: It �xes the economic and company-speci�c information that should be considered Explanation: Value is estimated as of a speci�c point in time, so facts known or knowable as of that date frame the analysis.Page 3